Coinspeaker
Solana (SOL) Price Signals Potential Bullish Ahead of Breakpoint 2024
Solana SOL $132.0 24h volatility: 0.3% Market cap: $61.83 B Vol. 24h: $1.86 B price has gradually been gaining bullish momentum after retesting a crucial support level above $122 ahead of the 2024 Breakpoint event in Singapore. The large-cap altcoin, with a fully diluted valuation of $77 billion, has successfully rebounded from the weekly 50 Moving Average (MA).
A successful close above the resistance level of around $150 will propel the SOL price against the US dollar to an all-time high in the near term. Furthermore, the altcoin has registered the largest consolidation in the past five months, since the 2023 fourth-quarter bullish breakout.
Nevertheless, Solana’s bullish sentiment could, however, be invalidated if the altcoin consistently closes below the crucial support level of around $122 in the coming weeks.
Such a bearish scenario could be triggered if the Federal Reserve opts to hold its benchmark interest rate on Wednesday, September 18. Furthermore, the crypto market has been anticipating that the Federal Reserve to follow the same path as the European Central Bank (ECB) and the Bank of Canada in cutting interest rates.
What to Expect in the Solana Breakpoint 2024
The Solana Breakpoint in Singapore will kickstart on September 19 and end on September 21 with several speakers expected to present to thousands of attendees. Furthermore, the Solana team announced earlier today, Tuesday, that the online tickets have already sold out but there may be a few door sales during the event.
To facilitate a seamless event, the Solana network has partnered with ride-hailing company Grab, whereby the attendees can pay in USDC USDC $1.00 24h volatility: 0.2% Market cap: $35.51 B Vol. 24h: $5.94 B and PYUSD PYUSD $1.00 24h volatility: 0.2% Market cap: $734.39 M Vol. 24h: $21.73 M .
During the two-day event, the Solana Foundation has brought together crypto leaders, developers, artists, students, and the community at large. Some of the Solana Breakpoint 2024 sponsors include Circle Internet Financial Ltd., Galaxy, Star Atlas, Wormhole, Sanctum, Auros, and meme coin project Bonk BONK $0.0000 24h volatility: 0.0% Market cap: $1.14 B Vol. 24h: $65.13 M .
Earlier today, Circle’s CEO Jeremy Allaire, highlighted that he has some cool sneaks to show during his Friday’s presentation at the Solana Breakpoint 2024.
Another major event this week in Singapore, and am excited to deliver a keynote at @solana Breakpoint this Friday afternoon. Some cool sneaks to show… pic.twitter.com/JPzfKxImH7
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) September 16, 2024
Worth noting that Circle’s USDC has over 2.3 million holders on the Solana network, with a market cap of about $3 billion. Meanwhile, PayPal-backed PYUSD stablecoin has also made significant growth in the recent past and currently has a market cap of about $383 million and a total of 5.5k on-chain holders.
Market Picture
The Solana Breakpoint 2024 will have a profound impact on the respective DeFi projects and meme coins, as the community gets a chance to interact with developers and leaders. The Solana network has grown to a total value locked of about $4.7 billion and a stablecoins market cap of around $3.84 billion.
The leading DeFi projects on the Solana ecosystem include Jito JTO $1.96 24h volatility: 0.6% Market cap: $248.18 M Vol. 24h: $31.53 M , Jupiter JUP $0.73 24h volatility: 0.6% Market cap: $990.42 M Vol. 24h: $64.33 M , and Kamino KMNO $0.06 24h volatility: -4.7% Market cap: $76.99 M Vol. 24h: $1.21 M . As a result, it is prudent to consider their respective tokens amid the growing Solana ecosystem in the near term.
Solana (SOL) Price Signals Potential Bullish Ahead of Breakpoint 2024
